Australian Retail Banking 2020 - Review, Forecasts, and Future Opportunities
Summary Growth in the Australian retail banking sector has been consistent over the past decade, but has been weak in recent years.COVID-19 will compound the poor performance that was forecast for this year, significantly altering trajectories of all major economic indicators and measures of growth.
Despite fewer cases of the virus and overall containment of its spread, recovery is still not expected until 2021.
This report explores trends in the Australian retail banking sector and offers insight into consumer preferences and behaviors.It highlights some of the most important data points available on the performance of the sector comparable to other markets, as well as the performance and perception of firms within the industry.
New trends and innovations are also noted, as are the implications of COVID-19 for the sector.
Scope - The importance placed on banks that have branch services or established reputations has decreased, implying a greater willingness to join newly founded digital banks and alternative providers.
- ING and Westpac have invested heavily in digital infrastructure, and consequently they tend to rank lowest with regards to user dissatisfaction with mobile and online channels.
- Perceptions of open banking are more positive than most comparable markets, despite phase one of implementation in the country only beginning in July 2020.
Reasons to Buy - Identify factors affecting growth prospects across the deposit, credit card, personal loan, and mortgage markets.
- Track competitor gains and losses in market share, as well as consumer perceptions of competitors’ performance.
- Learn about how channel preferences have evolved in recent years.
- Discover changes in attitudes towards digital-only banks.
- Explore the importance placed on the various attributes of financial service providers analyzed by age and income.
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